NOC.H Norseman Capital Ltd

This press release is being issued in connection with the filing of early warning reports (the “Early Warning Report”) pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues regarding the change in the ownership and control of common shares (the “Shares”) of Gem International Resources Inc. (the “Company”) by John Barr, John Campbell Smyth, and Sean Hurd. The Issuer’s head office address is located at 25th Floor, 700 West Georgia Street, Vancouver, BC V7Y 1B3.

On August 17, 2020, the Company completed a non-brokered private placement financing, pursuant to which Campbell Smyth acquired (the “Acquisitions”) beneficially ownership or control over 180,000 common shares (“Shares”). On August 24, 2020, John Barr was deemed to have disposed of a total of 1,477,500 Shares at a price of $0.20 per Share (the “Disposition”).

Prior to the Disposition, Mr. Barr was deemed to beneficially own or exercise control or direction over 2,987,500 Shares and 400,000 options to purchase Shares (“Options”), representing approximately 15.66% and 17.39% of the issued and outstanding Shares on an undiluted and diluted basis, respectively. Following the Disposition, Mr. Barr was deemed to beneficially own or exercise control or direction over 1,510,000 Shares and 400,000 Options, representing approximately 6.02% and 7.50% of the issued and outstanding Shares on an undiluted and diluted basis respectively.

Prior to the Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,418,500 Shares, representing approximately 12.67% and 14.47% of the issued and outstanding Shares on both an undiluted and diluted basis respectively. Following the Acquisition, Mr. Smyth beneficially owned or exercised control or direction over 2,598,500 Shares and 400,000 Options, representing approximately 10.36% and 11.77% of the issued and outstanding Shares on an undiluted and diluted basis respectively.

Copies of the early warning reports for Messrs. Barr and Smyth will be filed on the Company’s profile on SEDAR at www.sedar.com and may be obtained by containing the Company at the following address:

John W. BarrInterim Chief Executive Officer25th Floor, 700 West Georgia StreetVancouver, BC V7Y 1B3T: + 61 0 418 912 885